A ceding syndicate is defined here as a syndicate that intends to transfer their legacy insurance liabilities to another party. They seek to reduce their risk exposure by ceding (transferring) part or all of their insurance portfolio to a receiving syndicate. This helps supporting members manage their capital more efficiently and focus on their core business, or close out their participation entirely.
This section outlines the responsibilities of ceding syndicates in legacy reinsurance transactions. It explains the process of applying for approval of a legacy transaction by Lloyd's, the documentation submission requirements, plus steps required to release capital after the transaction is completed. It also highlights the importance of early engagement for a successful transaction.
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